India Base Metals
Copper falls due to firm dollar, rise in LME stocks
This story was originally published at 19:13 IST on 18 February 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of copper fell on the Multi Commodity Exchange of India, tracking a fall in contracts on the London Metal Exchange because of the firm dollar. Market sentiment was also hurt by a surge in copper inventories at warehouses registered with the LME.
At 1821 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.2% at 106.97. A stronger greenback makes dollar-denominated commodities such as copper expensive for buyers holding other currencies, denting demand.
US President Donald Trump's push to end the Russia-Ukraine war also weighed on market sentiment. "...traders focused on the emerging developments surrounding the United States efforts to halt Moscow's almost three-year conflict in Ukraine. If negotiations between the United States and Russia go well, the chances of easing the embargo on metals sourced from Russia will increase, resulting in an influx of Russian metals into the western market," Motilal Oswal Financial Services said in a report.
COPPER inventories at LME-accredited warehouses rose by 9,800 tonnes to 263,775 tonnes. Market participants await speeches by US Federal Open Market Committee member Mary Colleen Daly and Michael Solomon Barr for further cues to the US interest-rate trajectory.
ALUMINIUM, ZINC, and LEAD prices rose, taking cues from the LME as inventories fell. Aluminium stocks at LME-accredited warehouses fell by 4,000 tonnes to 551,950 tonnes and zinc stocks fell by 2,275 tonnes to 158,750 tonnes. Lead inventories declined by 1,650 tonnes to 220,775 tonnes.
At 1822 IST, on the MCX, the February futures contract of:
–Aluminium was at INR 259.30 a kg, up 0.4%
–Copper was at INR 863.60 a kg, down 0.1%
–Lead was at INR 179.95 a kg, up 0.3%
–Zinc was at INR 269.60 a kg, up 0.5%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 255.10-INR 262.70
-Copper contract seen at INR 849.60-INR 878.20
-Lead contract seen at INR 177.90-INR 181.30
-Zinc contract seen at INR 264.40-INR 273.60
End
US$1 = INR 86.95
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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